A company from Salt Lake City, UT, that makes stylish rings that will be safer if caught on something.
The conceit behind enso rings is that wearing a ring can be dangerous. If it is caught by something, a metal ring risks ripping off the whole finger. This is especially the case in a sports scenario where one founder hurt himself while rock climbing. However, they also claim that it could be the case in ones own home as apparently happened to Jimmy Fallon. The founders claim that over 150,000 people have a ring accident though it is not clear is this is a yearly figure.
enso rings are designed to be safer than a metal ring if caught in or on something that might tear off a finger.
The rings are made from silicon rubber to tear away when caught. This was demonstrated by three muscle men who tore away the rings.
Each ring sells for between $11.99-39.99 and cost just $0.70 to $4 to produce.
Since founding, enso rings have sold $3,800,000 in 18 months, entirely online. The company has sold $460,000 just in the previous month. The founders project over $5,000,000 in sales in the next year. However, customer acquisition costs represent 40% of the average sale, mostly spent on online advertisement.
This deal aired on Episode 9.03.
Making A Deal
Robert took enso rings up on their deal, offering their request $500,000 for 15% in equity or double what was originally offered. This represented a bite of $3,333,333 to the original value but the founders accepted.